RHB Investment Bank Bhd (RHB Research) is positive on CelcomDigi Bhd and Vitrox Corp Bhd, citing strong technical breakouts supported by rising trading volumes.
RHB Research said CelcomDigi has extended its bullish trajectory after breaking above the RM3 resistance level, supported by a bullish candlestick formation and increased trading activity. The research house expects further upside momentum, with the stock likely to test RM3.20 and subsequently RM3.30.
However, it noted that a decline below the RM2.90 support level could signal a reversal and trigger a downward movement.
Meanwhile, RHB Research said Vitrox has also staged a strong breakout above the RM5.70 resistance, underpinned by robust volume and a long bullish candlestick, indicating sustained buying interest.
The stock is expected to test the next resistance levels at RM6.05 and RM6.40, although a fall below RM5.35 would invalidate the bullish outlook and signal a potential correction.
The research house highlighted that both counters are exhibiting strong momentum-driven setups, with price action and volume trends suggesting continued investor interest in the near term.
